BUSINESS
Kerala student's biotech startup bags $10m from UAE
The biotech startup, which was incubated in Sahrdaya Technology Business Incubator (Sahrdaya TBI), has collaboration with ICAR-CIFT and it has helped the company to become India's first algae-seaweed food product designer.
No instruction to officials to collect GST in cash: Revenue Dept
It is to clarify that neither the Government nor the Central Board of Indirect Taxes and Customs (CBIC) have issued any such instructions to their field formations, a Finance Ministry statement said. There were reports that some GST officers are using unauthorised communication means such as phone calls, WhatsApp and messages asking taxpayers to discharge 'maximum tax liability' in 'cash'.
20 states with ease of doing business to borrow Rs 39K cr
Accordingly, on receipt of recommendations from the Department for Promotion of Industry and Internal Trade (DPIIT), the Department of Expenditure has granted permission to these 20 States to raise additional financial resources of Rs 39,521 crore through Open Market Borrowings.
Save your date with full-blown mobile manufacturing in India
While convincing tech giants to shift manufacturing of an entire mobile ecosystem from China to India is an uphill task, but the government has woken up to the reality with the production-linked incentive (PLI) scheme. Despite the Covid-related delays, by October last year, the country had cleared 16 proposals from global and domestic companies, involving an investment of Rs 11,000 crore to manufacture mobile handsets.
US FTC slaps $2M fine on Amazon work from home scammer
The FTC alleged that Randon Morris and a number of companies he controlled initiated millions of robocalls to promote sham work-from-home business opportunities, focusing on consumers concerned about working outside their homes because of the coronavirus pandemic. The $2 million judgment has been partially suspended because of an inability to pay, according to the FTC.
Adani Green Energy to acquire 50 MW Solar Asset from SkyPower Global
The project is located in Telangana and was commissioned in October 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company in the state. With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The closing of the transaction is subject to customary approvals and conditions.
RCEP trade deal could boost Japan's GDP by $140bn
The government said on Friday that based on the country's real GDP in fiscal 2019, the expected economic effect of the Regional Comprehensive Economic Partnership (RCEP), which will cover a third of global trade and population, could correspond to about a 2.7 per cent GDP increase, reports Xinhua news agency.
Llistosella not to join Tata Motors as new CEO, Managing Director: Company
On February 12, the company had announced he would join Tata Motors effective from July 1, 2021. In a regulatory filing, the company said: "Tata Motors wishes to announce that Mr Marc Llistosella Y Bischoff who was to join Tata Motors as its CEO & Managing Director effective from July 1, 2021, will not be joining Tata Motors as its CEO & Managing Director as previously announced on February 12, 2021."
India's forex reserve rises by over $1.7 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $582.037 billion from $580.299 billion reported for the week ended March 5. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
Brokerage clients jump 67% as small towns go big on equity
Recent data, based on city wise distribution of turnover in cash segment in BSE and NSE, suggest increasing pie of Tier-2 and below cities in past two years. In BSE, contribution of Tier-2 and below cities in cash turnover has increased from 30 per cent in FY18 to 40 per cent in FY20 while in NSE, it has risen from 14 per cent to 17 per cent.
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